Rather thanfight thistrend,thefinancial supervisory authoritiesand bankingin the north ofEuropepromotesthis phenomenonbyseeking to reduce theexposure offinancial institutionsto banksin the south ofthe continent.The third indicator highlights that international investors are no longer look to government bonds in the countries of southern Europe with the same confidence that they work with government bonds in the north of the continent.This trend reflects the size of the risk involved in investing in southern European bonds, and represents a fundamental shift in investor mood. If this pattern continues, lending to the countries of southern Europe, the financial solvency of the economies of these countries and their ability to recover will suffer.He said economic adviser to the euro zone officials, the decision to repair the control of governments, banks and increasing the capital of the European Financial Stability Fund, an important move, but half a step. If the decision was important as the fire caught the crisis, the central issue lies in the need to build a monetary union more stringent and durability.He pointed out that Alchti growing in the body of the euro area due to the basic "Interdependence" between the banks and governments. Banks under threat of sovereign debt crises, because they have a huge amount of bonds, their governments, governments vulnerable to banking crises because these governments are responsible for saving national financial institutions. Each chapter of the current crisis reflects the dilemma caused by this "interdependence."Three exitsOn the other hand the article highlighted the three possible outcomes to this situation. The first depends on the interference of the central bank to contain any threat to the sovereign debt market. The budget of the British government from the budget of the worst Spanish counterpart, but the ability of the Bank of England to prevent speculation on the debt of the United Kingdom is enough to reassure investors.The European Central Bank, which belong to Spain, he had no such authority, and when he tried to do this role with Italy and Spain, was met with strong opposition at home. The European Financial Stability Fund which was established recently could play this role, but the margin of his movement is limited, because the grant of this power would raise opposition to Germany at least for constitutional reasons.The secondexitisto strengthenbanksby increasingtheir capitaland the removal of"organizationalwalls" thatisolate theEuropean nationalbanksfrom each otherin order to reducetheir exposure toriskbankruptcyunder the weight ofsovereign debt.